Nintendo's site says the cartridge must always be inserted in order to play the game, and so it is the cartridge that controls the game license.
On that basis it seems likely you could sell/give the cartridge to someone else, after which they can play it and you no longer can - they'd just also have to download it first.
Me neither. It's basically a download game but with physical DRM in the form of a cartridge. The age of genuine physical game ownership is toast.